Bank of China contributes $160 million USD to $1.4 billion USD revolving credit facility to Diamond Offshore Drilling for general corporate purpose in 2015 (Linked to Record ID#108602, #108601, #108603 and #108604)

Project narrative

On September 28, 2012, financial close was reached on a deal in which a syndicate of 10 banks — including Bank of China — entered into a $750 million USD syndicated loan agreement with Diamond Offshore Drilling, Inc., a Houston-based offshore drilling contractor that provides services to the oil and gas industry worldwide. The maturity of the loan is 5 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes. While Bank of China contributed $95 million USD to this loan (Record ID#108601), the following lenders also participated: Wells Fargo Bank, National Association ($95 million USD); JPMorgan Chase Bank, N.A. ($95 million USD); HSBC Bank USA, National Association ($95 million USD); Citibank, N.A. ($95 million USD); SunTrust Bank ($95 million USD); PNC Bank, National Association ($60 million USD); Goldman Sachs Bank USA ($40 million USD); The Bank of New York Mellon ($40 million USD); and Royal Bank of Canada ($40 million USD). On December 9, 2013, the borrower and the same set of lenders signed an extension agreement, under which the maturity of the $750 million USD loan was reissued and of which maturity was extended to 5 years from the new date. The interest rate remained LIBOR plus an applicable margin. Bank of China contributed $95 million to the loan (Record ID#108602). On March 17, 2014, Diamond Offshore Drilling signed an increased commitment loan agreement totaling $1 billion USD, again with the same syndicate of lenders — including Bank of China. The maturity of this new loan is 5 years, and the interest rate remained LIBOR plus an applicable margin. The use of proceeds remained for general corporate purposes. While Bank of China contributed $133 million USD to this loan (Record ID#108603), the following lenders also participated: Wells Fargo Bank, National Association ($133 million USD); JPMorgan Chase Bank, N.A. ($133 million USD); HSBC Bank USA, National Association ($133 million USD); Citibank, N.A. ($125 million USD); SunTrust Bank ($133 million USD); PNC Bank, National Association ($60 million USD); Goldman Sachs Bank USA ($55 million USD); The Bank of New York Mellon ($40 million USD); and Royal Bank of Canada ($55 million USD). On October 22, 2014, Diamond Offshore Drilling signed another increased commitment loan agreement totaling $1.46 billion USD. The maturity of the loan was set at 5 years from the “Third Amendment Effective Date,” and the interest rate remained LIBOR plus an applicable margin. The use of proceeds remained for general corporate purposes. While Bank of China contributed $160 million USD to this loan (Record ID#108604), the following lenders also participated: Wells Fargo Bank, National Association ($160 million USD); JPMorgan Chase Bank, N.A. ($160 million USD); HSBC Bank USA, National Association ($160 million USD); Citibank, N.A. ($160 million USD); SunTrust Bank ($160 million USD); Barclays Bank PLC ($160 million USD); The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($160 million USD); Royal Bank of Canada ($65 million USD); PNC Bank, National Association ($60 million USD); and Goldman Sachs Bank USA ($55 million USD). The Bank of New York Mellon did not extend its prior commitment under this amendment. On October 22, 2015, Diamond Offshore Drilling signed another extension loan agreement totaling $1.4 billion USD for a new 5-year term. The interest rate remained LIBOR plus an applicable margin. The use of proceeds continued to be for general corporate purposes. While Bank of China contributed $160 million USD to this loan (Record ID#108605), the following lenders also participated: Wells Fargo Bank, National Association ($160 million USD); JPMorgan Chase Bank, N.A. ($160 million USD); HSBC Bank USA, National Association ($160 million USD); Citibank, N.A. ($160 million USD); SunTrust Bank ($160 million USD); Barclays Bank PLC ($160 million USD); The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($160 million USD); Royal Bank of Canada ($65 million USD); and Goldman Sachs Bank USA ($55 million USD). PNC Bank and The Bank of New York Mellon did not extend their commitments under this amendment. On August 18, 2016, the parties entered into an amendment in which they altered certain definitions of the loan. On October 2, 2018 the parties entered into an amendment in which they altered certain definitions of the loan.